May 04 2009
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70 Trillion Rials for Agro Projects
Announcing the above, Mohammad Salehi, the bank's managing director, said the irrigation sector enjoys investment priority, Inn.ir reported.
The bank gives loans to all plans approved by the Agricultural Jihad Ministry.
Salehi said Bank Keshavarzi gave loans worth over 70 trillion rials last year, of which 30 trillion rials went to farming and horticulture sector, 23 trillion rials to livestock and the rest to fisheries and handicrafts.
Farmers incurred huge losses from drought and frost during the last crop year. Therefore, Bank Keshavarzi extended loans worth one trillion rials to farmers for purchasing seeds.
Since farmers owed huge sums to banks, they were given a one-year deadline to pay their debts to the tune of 40 trillion rials, following the approval of government and Majlis.
Salehi also said only 1.4 million farmers had insured their products, of whom 90 percent incurred losses.
"The bank paid 4.3 trillion rials as compensation to them," he said, adding that two trillion rials were paid to uninsured farmers.
The Central Bank of Iran opened a credit line worth 8 trillion rials for Bank Keshavarzi.
In another development, Bank Keshavarzi allocated 9 trillion rials for pressurized irrigation plans.
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